Northstar quarterly market reports
The Northstar Market Report provides powerful empirical evidence as to why we are confident that our investment philosophy and process, closely followed, will deliver market beating returns for our clients over time. This work again points to controllable factors - markets move wildly, falling in and out of love with different sectors and companies, but we have a defined formula that works and we stick to our guns by only owning quality companies when they are incorrectly valued by other investors. We discuss stocks in this report, delving into our investment cases for specific securities which we own.
CURRENT QUARTERLY REPORT
2026 – Quarter 2
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THE BIG PICTURE
The Nasdaq Boom – 2026 Feels Uncomfortably Similar to the Start of 1998!
In this article, I draw a direct line between today's market and the run up to the dot-com peak in March 2000. The Nasdaq has doubled in value several times over the past decade, much as it did between 1992 and 2000. Valuations are now approaching levels last seen at that peak. I use this backdrop to explain why price and true value often diverge in the short term, and why that gap can persist far longer than investors expect. The article also looks at why Northstar's quality factor has underperformed in 2026, as capital chases cyclical and AI linked stocks. Despite this, we remain committed to our valuation based approach, owning undervalued quality businesses rather than chasing price momentum. After 31 years of managing client capital, the lesson has not changed: trust valuation, distrust price.
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FROM THE ANALYSTS
The Case for PGMs Remains a Supply Story
The investment case for platinum group metals has long been framed around the decline of the internal combustion engine, but we believe this narrative misses the bigger picture. Hybrid vehicles are proving to be a durable bridge between today's ICE dominated market and a more electrified future, keeping automotive PGM demand far more resilient than consensus expected. At the same time, platinum has emerged as a beneficiary of broader geopolitical uncertainty, attracting growing investment demand as a lower cost alternative to gold. Ultimately, we believe the PGM investment case is a supply story, with years of underinvestment and production curtailments setting the stage for a market that is increasingly unable to keep pace with demand.
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FROM THE ANALYSTS
Walt Disney – When You Wish Upon a (Fallen) Star
Disney's share price suggests the market believes its magic has faded, trading at a forward price to earnings multiple of around 13x after years of disappointing investors. We disagree. Despite uneven execution across content and a disrupted distribution model, we believe Disney's flywheel of creation, distribution, relationships, monetization and reinvestment remains intact. Streaming profitability is inflecting, park and cruise demand remains robust, and management is showing renewed capital discipline. At current valuations, we see an attractive opportunity to own one of the world's most powerful media businesses.
QUARTERLY REPORTS ARCHIVE
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